In the first half of 2025, the global macroeconomic picture showed signs of resilience, although it remained affected by factors of geopolitical uncertainty and still restrictive monetary policies.

Against this backdrop, Italy was distinguished by moderate but sustained growth, driven by consumption and public investment, with an improving labor market and gradually slowing inflation.

The country has seen a significant recovery in real estate investment, with an increase of +47 percent compared to the same period in 2024.

Real estate remains dynamic in the living, logistics and hospitality sectors, while Milan and Rome remain the main attractive hubs. Increasing attention to sustainability, asset quality and new requirements drives the selectivity of operators, in a market increasingly oriented to the long term.

The outlook for the second half of the year indicates a consolidation of the recovery, with volumes potentially in line with pre-pandemic averages.